Tomorrow Never Dies at Petrobras

Despite huge strides, Brazil still struggles to shake off a reputation of always being the country of tomorrow. Its national oil company, Petróleo Brasileiro, increasingly suffers in the same way.

The company's latest investment plan, revealed Thursday, confirms a worrying trend. Petrobras now plans to spend $236.5 billion between 2012 and 2016, up 5% from the plan outlined last year. Meanwhile, output in 2020 is projected at 5.7...